International Markets

BAMBORA OPINION

The stats are in! eCommerce in Australia is strong and there's money to be spent.

With a GDP per capita of $88 thousand, Australians have significant purchasing power and disposable income, and eCommerce market is expected to surpass $24bn this year.

The uptake of digital payment solutions around the world, with countries in Europe and Asia moving swiftly towards a much more mobile centric and unified payment system, offers valuable insights into what’s next for Australia’s payment landscape. What can we expect to see next and what lessons can we learn from countries who have been there, doing that? Let’s take a look.

Growth in online spending outperformed bricks-and-mortar retail by 6.9% last year and traditional retail is still a huge industry in Australia, bringing in $261 billion, but: more than 50% of purchases are now influenced by digital information.

39% of retailers use instore signage to convert customers to digital

86% of our transactions are on credit and debit card

72% of consumers use mobile devices for payments

Australia's top alternative payment methods:

PayPal

Bpay

VISA checkout

2020 OUTLOOK

This data lends itself to three main predictions for the Australian payments landscape.

The first is the decline of the credit card. The second is the rise of the eWallet and the third is that we’ll begin to see businesses offer their customers a much more integrated payments experience.

Closer look: iDEAL is the preferred payment method for: eCommerce, ticketing, invoicing, charity donations and various top-ups. In 2015, iDEAL was used to pay 222 million times with an average value of a little over EUR $81 per transaction. Why is iDEAL so popular?